LiveRamp Holdings Beneish M-Score Historical Data
The historical data trend for LiveRamp Holdings's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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LiveRamp Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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3.05 |
-2.65 |
-2.37 |
-2.99 |
-2.96 |
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LiveRamp Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-2.96 |
-3.26 |
-3.22 |
-2.98 |
Competitive Comparison
For the Software - Infrastructure subindustry, LiveRamp Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
LiveRamp Holdings Beneish M-Score Distribution
For the Software industry and Technology sector, LiveRamp Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LiveRamp Holdings's Beneish M-Score falls into.
LiveRamp Holdings Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of LiveRamp Holdings for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9266 | + | 0.528 * 0.9913 | + | 0.404 * 0.9409 | + | 0.892 * 1.0793 | + | 0.115 * 1.3033 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.879 | + | 4.679 * -0.107817 | - | 0.327 * 1.0753 |
| = | -2.98 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $200.5 Mil.
Revenue was 173.869 + 159.871 + 154.069 + 148.626 = $636.4 Mil.
Gross Profit was 128.935 + 118.659 + 108.448 + 105.154 = $461.2 Mil.
Total Current Assets was $769.7 Mil.
Total Assets was $1,224.7 Mil.
Property, Plant and Equipment(Net PPE) was $33.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.9 Mil.
Selling, General, & Admin. Expense(SGA) was $305.5 Mil.
Total Current Liabilities was $208.8 Mil.
Long-Term Debt & Capital Lease Obligation was $33.8 Mil.
Net Income was 13.977 + 4.863 + -1.586 + -31.364 = $-14.1 Mil.
Non Operating Income was 4.105 + -0.143 + 4.733 + -4.988 = $3.7 Mil.
Cash Flow from Operations was 17.154 + 36.151 + 25.693 + 35.233 = $114.2 Mil.
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Total Receivables was $200.5 Mil.
Revenue was 158.615 + 147.099 + 142.243 + 141.725 = $589.7 Mil.
Gross Profit was 115.328 + 104.795 + 101.222 + 102.249 = $423.6 Mil.
Total Current Assets was $696.2 Mil.
Total Assets was $1,166.5 Mil.
Property, Plant and Equipment(Net PPE) was $43.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.6 Mil.
Selling, General, & Admin. Expense(SGA) was $322.0 Mil.
Total Current Liabilities was $175.8 Mil.
Long-Term Debt & Capital Lease Obligation was $39.1 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (200.526 / 636.435) | / | (200.506 / 589.682) |
| = | 0.315077 | / | 0.340024 |
| | = | 0.9266 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (423.594 / 589.682) | / | (461.196 / 636.435) |
| = | 0.718343 | / | 0.724655 |
| | = | 0.9913 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (769.662 + 33.7) / 1224.741) | / | (1 - (696.194 + 43.762) / 1166.483) |
| = | 0.344056 | / | 0.365652 |
| | = | 0.9409 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 636.435 | / | 589.682 |
| | = | 1.0793 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (22.578 / (22.578 + 43.762)) | / | (11.911 / (11.911 + 33.7)) |
| = | 0.340338 | / | 0.261143 |
| | = | 1.3033 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (305.469 / 636.435) | / | (321.984 / 589.682) |
| = | 0.479969 | / | 0.54603 |
| | = | 0.879 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((33.836 + 208.752) / 1224.741) | / | ((39.097 + 175.777) / 1166.483) |
| = | 0.198073 | / | 0.184207 |
| | = | 1.0753 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-14.11 - 3.707 | - | 114.231) | / | 1224.741 |
| | = | -0.107817 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
LiveRamp Holdings has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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